Callaway Golf speeds up share repurchase. The board of directors of the American golf equipment company has initiated a process of repurchas
Callaway Golf speeds up share repurchase. The board of directors of the American golf equipment company has initiated a process of repurchase of shares worth 100 million dollarswhich can be acquired in the market or through private transactions.
The company announced in a statement that evaluate market conditions, buying opportunities, and other factors and will make strategic buybacks as appropriate. “Repurchases will be made in accordance with the terms of the company’s credit lines, which will define the number of shares that can be repurchased,” the company says.
The golf equipment company closed the first quarter of 2022 with an increase in revenue of 59.6%, to 1,040.2 million dollars, driven by the increase in Topgolf business, which more than tripled, to 229, 4 million dollars. Compared to the same period in 2019, the Topgolf business, which Callaway acquired in October 2020, grew 2.3%.
Callaway Golf closed the first quarter of 2022 with a 59.6% increase in revenue to $1,040.2 million
Even so, Callaway Golf plans to increase its turnover by 22% at the end of fiscal year 2022, to 3,820 million dollars. On the other hand, the forecasts for the adjusted gross operating result (EBITDA) in 2022 stand at 515 million dollars, compared to 445 million dollars at the end of 2021.
Callaway Golf is one of the largest producers of golf clubs in the United States. The company was started in 1984 by Ely Callaway, an entrepreneur (and avid golfer) from LaGrange, Georgia. In 1992, just ten years after Callaway’s entry into the capital, the company made the leap to the New York Stock Exchange.